What is Form 1099-R?
Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.—reports distributions you received of $10 or more from a retirement plan.
Common types of distributions on Form 1099-R include:
- Normal Distribution: Money taken from your retirement account after age 59 1/2.
- Early Distribution: Money received from a retirement account prior to age 59 1/2.
- Required Minimum Distribution (RMD): Minimum amount you must withdraw when you turn 70 1/2.
- Rollover: Money moved from your retirement savings plan into another account.
- Conversion: Money moved from a traditional retirement plan to a Roth IRA.
- Recharacterization: When you reverse (undo) a rollover or conversion to a Roth IRA.
- Hardship Distribution: Money withdrawn for an immediate and heavy financial need.
- Loan Treated as Distribution: Money you borrowed but didn’t pay back to your retirement account.
We'll use the information from your Form 1099-R and also your answers to a few questions to determine if your distribution is taxable and/or subject to any penalties.